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World Bank, AfDB electrification project financing for Nigeria hit $550m

The Federal Government has put the financing for the Nigeria Electrification Project obtained from the World Bank and African Development Bank at $550m.

It said the project, which was under the management of Rural Electrification Agency, a Federal Government organisation, would ensure the provision of affordable power to millions of Nigerians.

This came as the Minister of State for Power, Goddy Jedy-Agba, inaugurated the governing board of REA at the headquarters of the power ministry in Abuja.

A presentation by REA at the inauguration of its board indicated that the agency had also received financing for the deployment of solar mini-grids.

“To give effect to some of its initiatives, REA has obtained financing amounting to $550m ($350m from the World Bank and $200m from the African Development Bank) for financing the Nigeria Electrification Project,” the agency stated.

This, it said, include “an additional $11m for financing the Rural Electrification Fund for the deployment of Solar hybrid mini-grids and solar home systems.

“These funds will ensure that millions of Nigerians have access to clean, safe, reliable and affordable electricity.”

On the new REA board, Jedy-Agba charged the team to ensure that they delivered on the mandates of government to the agency, as he expressed optimism that members of the board would not disappoint.

Members of the board include Abdulazeez Yar’Adua as Chairman; Managing Director, REA, Ahmad Salihijo; Michael Oluwagbemi; and Chidi Nwogu, among others.

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